The main goals of the Obama foreclosure policy are to encourage more approvals for loan modifications, boost the number of approved applications for refinancing, and offer more home loans to people who want to acquire a house for the first time.  The Helping Families Save Their Homes Act that was signed into law in May 2009 by President Barack Obama is the main basis for the policy.  This legislation is a follow-up to the previous law known as the Hope for Homeowners Act that was tasked with assisting borrowers who found that the prices of their homes have become lower than the outstanding balance of their loans.

The Obama foreclosure policy is designed to help homeowners in getting the approval of the lenders, such as banks, for their petition for the refinancing of their loans so that their monthly payments will be reduced to affordable amounts.  However, an important qualification requirement is that the outstanding balance should not surpass the current home price by more than five percent.  The second goal of the President’s policy is to give incentives to the different banks and lenders whenever they approve a home loan modification that pushes down the monthly installments to an amount that does not exceed 31 percent of the monthly pay of the borrower.  The obama foreclosure policy also ensures that Fannie Mae and Freddie Mac will be approving more new home loans by giving additional funds to these two corporations.

However, some have pointed out that the policy has had negligible effects as of September 2009 and its critics have jumped at the chance of highlighting the plan’s defects.  At the other end of the spectrum, those who favor the Obama foreclosure policy claim that it has started to have some positive effects.  For one, the plan seems to have been responsible for reversing the declining trend in home market values and the rising number of foreclosure filings in a number of states.  But those who are against the initiative countered that only a small number of the homeowners who should have qualified were granted loan modifications.  Other opponents of the Obama foreclosure policy also argued that the plan had not been based on dependable economic principles.  However, the Obama Administration remained optimistic about the plan and has reported that an important achievement was reached with regards to the number of approved loan modifications.  The members of the President’s Administration are optimistic that the Chief Executive’s anti-foreclosure strategy will work out in the long run and continue to inform the public about its achievements.

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The second stage in which you can buy a foreclosure property is the auction where you need to pay a small deposit and then pay the down payment after several days.  To show that you really intend to buy a particular property that you have won in the bidding, you will have to pay a small deposit on the spot.  You may then be required to pay the down payment within a matter of days.  Therefore, it is vital to have your deposit in hand and the source of your funds in readiness before you go to the auction.  Make sure that you have thoroughly examined the home before going to the auction and that you have already calculated the potential expenses required because the properties are being sold as is and without warranty.

The last stage at which you can purchase a foreclosed home is after the auction where it is listed as Real Estate Owned (REO).  Substantial discounts could be had when buying REO properties because the lender is in a hurry to convert the home into money that he can lend.  This provides you with several ways to negotiate for a lower price and easier terms.  Buying at this stage has the added benefit of being assured that you are getting a clear title because the lender would already have paid off any outstanding taxes, liens, or any other unpaid expenses.

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Duration : 0:2:42

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Duration : 0:4:45

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Host Shane Richardson
Special Guest Christine Springer MA

Want to know if your home is apart of MERS?

https://www.mers-servicerid.org/sis/search

Christine Springer is a paralegal and the founder of Desert Edge Legal Services, LLC, a legal services company based in Scottsdale, Arizona.

Christine spent the first ten years of her legal career working in prestigious law firms in both St. Louis and Phoenix, Arizona. In 2007, she founded Desert Edge Legal Services, LLC which served the small business community by forming legal entities and preparing legal documents.

Christine began watching the mortgage mess unfold in 2008, when loan modifications became popular. In 2009, she learned how to perform loan audits under the supervision of an attorney and now offers them to clients who are looking for solutions to their mortgage problems. She serves as resource and advocate for homeowners who need help in these troubling economic times.

http://www.foreclosureindustry.com/

http://twitter.com/cespringer

http://desertedgelegal.com/

http://www.linkedin.com/in/christinespringer

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Duration : 0:6:13

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Duration : 4 min 52 sec

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